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Mahindra Agrees to Purchase of Car-Designer Pininfarina

  • Deal, including credit guarantees, valued at $185 million
  • Pininfarina stock plunges on low offer for outstanding shares
Bloomberg business news

Mahindra Agrees Purchase of Ferrari-Designer Pininfarina

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Mahindra & Mahindra Ltd. agreed to buy Italian car designer Pininfarina SpA in a deal worth about 168 million euros ($185 million), underscoring the Indian vehicle maker’s international ambitions.

Mahindra, together with affiliate Tech Mahindra Ltd., will buy a 76 percent stake from holding company Pincar for 25.3 million euros, or the equivalent of 1.10 euros a share, the Mumbai-based company said Monday in a statement. The Indian company will offer the same price for the remaining stock, which closed Friday almost four times higher at 4.20 euros. The stock plunged 69 percent to 1.31 euros.